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Afrinvest: Nigeria’s Economic Fortunes Depend On Data-Backed Reforms

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Afrinvest

Afrinvest: Nigeria’s Economic Fortunes Depend On Data-Backed Reforms

Afrinvest: Nigeria’s economic fortunes depend on data-backed reforms. Afrinvest has called for research-driven reforms to unlock Nigeria’s economic potential beyond the trillion-dollar gross domestic product milestone.

Afrinvest has called for research-driven reforms to unlock Nigeria’s economic potential beyond the trillion-dollar gross domestic product milestone.

Its managing director, Ike Chioke, made the call at the company’s 30th anniversary celebration and the unveiling of the 20th edition of its flagship Banking Sector Report on Tuesday in Lagos.

The report outlines seven priority sectors, agriculture, creatives/tourism and hospitality, technology, banking & finance, oil and gas, logistics, and domestic manufacturing, as accelerators of growth that can reposition Nigeria as a globally competitive economy.

Mr Chioke said the company’s 30-year journey had been about producing ideas that shape policy and guide stakeholders through economic turbulence.

“Our research has consistently shown that Nigeria’s fortunes are inseparable from global tides. From the banking reforms of the early 2000s to the 2008 financial crisis, the 2016 recession, and the COVID-19 pandemic, we have seen that clarity, innovation, and bold action remain the most reliable drivers of recovery and growth,” Mr Chioke said.

He noted that past editions of the BSR had spotlighted critical turning points. He said this includes the 2009 banking sector collapse, the 2017 recovery phase titled ‘Nigeria Reopens for Business’, and the 2022 warning, ‘Brace for Impact’, which foreshadowed subsidy and FX reforms later implemented by President Bola Tinubu.

“This 20th edition is both a call to action and a framework for Nigeria’s future. If we harness these seven industries strategically, Nigeria can move beyond short-term fixes and position itself as a trillion-dollar-plus economy, just like India and Indonesia have done,” Mr Chioke added.

The event drew policymakers, regulators, and industry leaders, who praised Afrinvest for its consistency in providing research-driven solutions to Nigeria’s economic challenges.

Godwin Obaseki, the chairman of Afrinvest, stated that the company’s three-decade journey has reflected a legacy of resilience, innovation, and transformative impact in Nigeria’s financial markets.

Afrinvest

Afrinvest

According to him, the company has not only facilitated landmark acquisitions but also built innovative investment instruments that continue to redefine access to opportunities for clients.

He highlighted some of Afrinvest’s landmark transactions, including the UBA and Standard Trust Bank merger in 2004, the €350 million eurobond issued by GTBank in 2007, and Dangote Cement’s N2.1 trillion listing in 2010, the largest in the history of the Nigerian Exchange.

Abuja

Strike: Normalcy Returns At FCT Secretariat As Workers Resume

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Bala Mohammed Met Me In PDP

Strike: Normalcy Returns At FCT Secretariat As Workers Resume

Strike: Normalcy returns at FCT secretariat as workers resume. The FCTA secretariat is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.

The secretariat of the Federal Capital Territory Administration is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.

The protest was suspended after a truce was reached between FCT minister Nyesom Wike and the labour unions in the early hours of Tuesday.

The workers, who resumed work on Monday, were seen carrying out their activities and providing various services.

A visit to some offices in the Minister’s Block, the Treasury Department, the Federal Capital Development Authority, the Abuja Geographical System, and others on Wednesday showed that workers were at work, carrying out their duties.

The FCTA workers under the Joint Union Action Committee had on January 19 embarked on industrial action over unresolved welfare concerns.
The strike, however, was halted by a ruling of the National Industrial Court on January 27, which ordered the workers to resume work, a decision that didn’t sit well with the union leaders, who insisted that the strike must continue.

A truce was reached after several hours of meeting, from late night Monday to the early hours of Tuesday, between the union leaders, officials of the FCTA, Mr Wike, and the chairman of the Senate Committee on FCT, Mohammed Bomoi.
Reacting to the truce, the minister told journalists after inspecting some ongoing projects in Abuja on Tuesday that there were no winners or losers.

He expressed delight that the union leaders have seen the realities on the ground, which have helped to clear misconceptions.
“I’m happy that the trade union and labour congress came to see things for themselves. Sometimes it’s good. What they were told is not really what’s on the ground.

Bala Mohammed Met Me In PDP

Wike

“But by and large, we have had a good meeting, and they’ve directed the workers to go back to work, which you can see has been done. So, we’re happy that at the end of the day, there is no winner, no loser.  It’s in the interest of Abuja to progress,” he said.

The organised labour had on Tuesday resolved the dispute between JUAC and Mr Wike, leading to the immediate resumption of work by affected employees.

A circular, jointly signed by the secretary-general of the TUC, Nuhu Toro, and the acting general secretary of the NLC, Benson Upah, stated that the minister assured labour of mutual respect and sustained engagement on labour-related matters in the FCT.

It said the parties also agreed that no worker would be victimised for participating in the strike action and that all outstanding cases at the National Industrial Court would be withdrawn immediately.

Following the agreement, the NLC and TUC directed all affected workers to resume duty without delay.

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Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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